President Obamas plan to crack down on Wall Street fat cats wouldnt harm New York City Schumer says

WASHINGTON - President Obama vowed to pass new manners to rein in wild Wall Street on Wednesday, whilst Sen. Chuck Schumer spoken the crackdown on miserly additional will not harm New Yorks richest mercantile engine.The new pull to carry out the unregulated conjecture that sparked the monetary meltdown starts in the subsequent dual weeks as the Senate takes up a package that would:- Create a consumer monetary watchdog.- Set manners for mortgage-backed securities.- Create a $50 billion account to repay "too big to fail" monetary firms prior to they can bluster the complete economy."If theres one doctrine that we"ve learned, the that an unobstructed marketplace where people are receiving outrageous risks and awaiting taxpayers to bail them out when things go green is simply not acceptable," Obama said.But the pull has harm Mayor Bloomberg, who says that if the new manners are as well harsh, it will harm the city taxation bottom and maybe expostulate tools of the monetary industry abroad.Schumer, a Democratic kingpin who has thrived on Wall Street donations, insisted Wednesday that New York would not suffer. But he pronounced the titans of monetary contingency be kept in line."In New York, we have 10.6% unemployment. That didnt occur since of a little due legislation," Schumer said. "That happened since there werent safeguards on Wall Street."He insisted hes not seeking to harm anyone, and generally not the citys economy. "You wish clever law that will forestall an additional crisis, but [is] not vengeful or punitive or damaging to New York," he said.After their assembly with Obama, Republicans emerged utterly opposed, insisting the magnitude is a permanent bailout check that leaves taxpayers on the hook.mmcauliff@nydailynews.com
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